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What else can I help you with?
What are total costs in accounting?
Total cost/ full cost which include Prime Cost *Direct Labour cost *Direct Material Cost *Direct expenses Production Overhead *Variable Overhead *Fixed Overhead Selling and Distribution cost Administration Cost
In accounting is mileage a direct cost or an overhead?
Mileage is a overhead cost as mileage of cars or trucks which are not directly related with the manufacturing of units of products but required to transfer raw material from one place to another so it is overhead cost rather direct cost.
How prime cost is different from conversion cost and Manufacturing Costs?
Prime cost basically is the cost of direct labor and cost of direct material; whereas conversion costs is Overhead cost and direct labor cost.
Differentiate prime cost and production overhead?
Prime cost includes direct material and direct labor without which no goods can be manufactured while production overhead is that other cost which is not directly identifiable with product but which is required to run factory operations.
Is direct labor cost part of a conversion or prime cost?
Both are correct. Coversion cost = Direct Labour + Manufacturing Overhead Prime cost = Direct Labour + Direct Material SOURCE: http://highered.mcgraw-hill.com/sites/0070980829/student_view0/glossary.html
Is Direct material cost combined with manufacturing overhead cost is known as conversion cost?
false, direct labor and manufacturing overhead = conversion cost
Define prime cost?
Direct Material Direct Labor direct Factory Overhead
What are total costs in accounting?
Total cost/ full cost which include Prime Cost *Direct Labour cost *Direct Material Cost *Direct expenses Production Overhead *Variable Overhead *Fixed Overhead Selling and Distribution cost Administration Cost
What are the three main costs that are included in the price of a product?
1 - Raw material cost 2 - Direct labor cost 3 - Overhead Cost
What is Input cost of supply?
cost of direct material, direct labor, and other overhead items devoted to the production of a good or service.
In accounting is mileage a direct cost or an overhead?
Mileage is a overhead cost as mileage of cars or trucks which are not directly related with the manufacturing of units of products but required to transfer raw material from one place to another so it is overhead cost rather direct cost.
How prime cost is different from conversion cost and Manufacturing Costs?
Prime cost basically is the cost of direct labor and cost of direct material; whereas conversion costs is Overhead cost and direct labor cost.
How do you compute predetermined overhead rate as a percentage of direct labor costs and direct labor hours?
Predetermined overhead rate based on direct labor cost = Budgeted overhead cost / direct labor cost / 100 Predetermined overhead rate based on direct labor cost = budgeted overhead cost / direct labor hours.
Manufacturing overhead combined with direct labor forms prime costs?
Formula for prime cost = direct material + direct laborFormula for conversion cost = direct labor + manufacturing overheads
When calculating total cost do you add in variable manufacturing overhead fixed manufacturing overhead or both?
Following is the formula for total costtotal cost = fixed overheads + variable overheads + direct labor + direct material
Differentiate prime cost and production overhead?
Prime cost includes direct material and direct labor without which no goods can be manufactured while production overhead is that other cost which is not directly identifiable with product but which is required to run factory operations.
Is direct labor cost part of a conversion or prime cost?
Both are correct. Coversion cost = Direct Labour + Manufacturing Overhead Prime cost = Direct Labour + Direct Material SOURCE: http://highered.mcgraw-hill.com/sites/0070980829/student_view0/glossary.html
